We offer a variety of ways to save for the future.

At First Bank Hampton, we try to provide you with several options and opportunities to save as part of your retirement plan or future educational needs. We offer three types of IRAs:

Traditional: This IRA is designed for individuals who want to save tax-deferred dollars and want their annual contributions to be tax-deductible. However, penalty free withdrawals may be made at any time for college expenses or the purchase of a first home. Bank penalties may apply for early withdrawals.

Roth: The major benefit of a Roth IRA is tax-free earnings growth. Although contributions to the Roth IRA are not tax-deductible, the contributions can be removed at any time without federal taxes or penalties. You are not required to receive distributions at 70 1/2 and in most cases, you can pass your Roth assets to your heirs free of federal income taxes. bank penalties may apply for early withdrawals. Withdrawal of earning is tax-free if certain distributions are meet.

SEP: This low cost retirement plan is designed for small businesses and the self-employed business owner. This would be include sole proprietors, partnerships, and corporations. The SEP plan enables you to make discretionary, tax-deductible contributions for employers and eligible employees. The employer may choose to make the plan less restrictive. Earnings and contributions are tax-deferred.

Check with your financial adviser or tax consultant for more details about the IRA that's best for you and your tax-deductibility status. For more information, or to receive a description of rates, fees, and limitations, call 641-456-4793.

We also offer Time Deposits.

With a variety of maturities to choose from, our Time Deposits conform to your needs. They offer guaranteed rates, insured safety, and peace of mind. Bank penalties may apply for early withdrawals.